After spending most of the time in green zone, S&P CNX -- Nifty ended the session with the cut of half a percent on Wednesday. Market made cautious start and soon added gains with private report that Indian GDP will grow at 8.5 per cent in 2021-22, and the rate will accelerate further to 9.8 per cent in 2022-23. Market maintained its gains, as traders took support with India Ratings and Research’s (Ind-Ra) report stated that the average collections across its rated securitization transactions have inched up to 79 percent in September 2021 from 70 percent in May 2021 as the economy started to open up due to acceleration in vaccine rollout. Some comfort also came, as US India Business Council stated that regular engagement between India and the United States under the bilateral Trade Policy Forum mechanism will help remove barriers to trade, facilitate higher levels of investment and increase two-way trade in goods and services. However, in last leg of trade, market wiped out all its gains to touch intraday low point. Finally, Nifty ended the day’s trade below 17450 mark.
Traders were seen piling positions in Bankex, Media and Metal sector while selling was witnessed in FMCG, IT and Pharma sector stocks. The top gainers from the F&O segment were ZEEL, ONGC and Adani Ports. On the other hand, the top losers were National Aluminium Company, Mindtree and Pidilite Industries. In the index option segment, maximum OI continues to be seen in the 17950 -18300 calls and 16800 -17150 puts indicating this is the trading range expectation.
India Volatility Index (VIX), a gauge for market’s short-term expectation of volatility decreased by 5.10% and reached 17.10. The 50 share Nifty down by 88.30 points or 0.50% to settle at 17,415.05.
Nifty November 2021 futures closed at 17367.50 (LTP) on Wednesday, at a discount of 47.55 points over spot closing of 17415.05, while Nifty December 2021 futures ended at 17402.85 (LTP), at a discount of 12.20 points over spot closing. Nifty November futures saw an addition of 16,377 units, taking the total outstanding open interest (OI) to 1,56,751 units. The near month derivatives contract will expire on November 25, 2021 (Provisional).
From the most active contracts, Reliance Industries November 2021 futures traded at a premium of 2.55 points at 2346.10 (LTP) compared with spot closing of 2343.55. The numbers of contracts traded were 45,694 (Provisional).
Tata Steel November 2021 futures traded flat with spot closing of 1173.50. The numbers of contracts traded were 39,223 (Provisional).
Adani Enterprises November 2021 futures traded at a discount of 4.40 points at 1743.55 (LTP) compared with spot closing of 1747.95. The numbers of contracts traded were 25,292 (Provisional).
ICICI Bank November 2021 futures traded at a discount of 1.20 points at 756.80 (LTP) compared with spot closing of 758.00. The numbers of contracts traded were 22,540 (Provisional).
HDFC Bank November 2021 futures traded at a premium of 0.95 points at 1517.90 (LTP) compared with spot closing of 1516.95. The numbers of contracts traded were 21,982 (Provisional).
Among, Nifty calls, 17700 SP from the October month expiry was the most active call with an addition of 20,595 units open interests. Among Nifty puts, 17400 SP from the October month expiry was the most active put with an addition of 3,980 units open interests. The maximum OI outstanding for Calls was at 18000 SP (1,53,336 units) and that for Puts was at 17000 SP (1,14,284 units). The respective Support and Resistance levels of Nifty are: Resistance 17,559.10 -- Pivot Point 17,456.55 -- Support -- 17,312.50.
The Nifty Put Call Ratio (PCR) finally stood at (0.59) for October month contract. The top five scrips with highest PCR on Dalmia Bharat (1.32), Power Grid Corporation (1.06), JSW Steel (0.98), Adani Enterprises (0.98) and Escorts (0.92).
Among most active underlying, Reliance Industries witnessed an addition of 1,678 units of Open Interest in the October month futures contract, Tata Motors witnessed an addition of 1,864 units of Open Interest in the October month futures contract, ICICI Bank witnessed an addition of 2,298 units of Open Interest in the October month futures contract, Bharti Airtel witnessed an addition of 462 units of Open Interest in the October month futures contract and Adani Enterprises witnessed an addition of 1,881 units of Open Interest in the October month futures contract (Provisional).